Homeowners insurance doesn’t need to be complicated. Compare rates from Virginia by city and insurance company below.
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Home insurance is an optional — but important — product that works to keep your belongings safe in the event your home suffers damage from common incidents. Home insurance protects your dwelling, personal property, and other buildings against an array of calamities, such as theft, fire, vandalism, or wind damage.
Unlike auto insurance, homeowners insurance isn't controlled by state legislation. That said, major gaps exist in home insurance rates from state to state. Policy prices in a given state diverge based on the number of — and value of — home insurance claims made statewide, and depend on the value of the belongings and home insured on the policy.
The easiest way to acquire cheap home insurance in Virginia is to compare rates from as many companies as possible. Find out homeowners insurance costs in Virginia via the below data. Your rates may vary, depending on your coverage limits.
Rates for home insurance in Virginia differ depending on the insurance company you choose. Virginia Farm Bureau sells the cheapest home insurance policies in Virginia — just $777 per year. This compares favorably to the state average cost of $1,100, providing a $324 discount on the state's average rate.
Begin your search for a home insurance policy by reviewing the most affordable Virginia insurance companies, listed below.
|Insurance Company||Average Yearly Rate in Virginia|
|Virginia Farm Bureau||$777|
Not all Virginia cities have the same homeowners insurance rates. Home insurance prices can vary based on city-specific variables, such as the number of claims filed in the immediate area, lending your ZIP code plenty of weight in deciding how much you pay.
The cheapest home insurance rates in Virginia are available in Arlington. In Arlington, the typical home insurance policy costs $777 annually — $323 less than the state average. The below cities have the most affordable home insurance in Virginia.
|City||Average Annual Home Insurance Rate|
The amount of homeowners coverage you select has an impact on your insurance premiums. In Virginia, carrying $200,000 dwelling coverage costs an average of $792 per year, while maintaining coverage up to $400,000 costs as much as $1,377 per year.
|Coverage Level||Average Annual Premium|
Compare Homeowners Insurance Rates
Among the many options homeowners face when shopping for homeowners insurance is how high or low to set the deductible. A deductible is the amount for which a homeowner is responsible before the insurer will cover a claim. Where you choose to set your homeowners deductible is linked to the overall cost of your coverage.
A good rule of thumb is: the lower your deductible, the higher your premium will be. As such, if you want your insurance rates to stay low, aim for a higher deductible. Be mindful of the fact that your deductible should only be set as high as you can reasonably afford in the event of a covered loss.
The following chart shows the average premiums associated with standard homeowners deductibles.
|Deductible Level||Average Annual Home Insurance Rate|
If you want to save on insurance, consider carrying your home and auto policies with the same insurance company. Bundling auto and homeowners insurance in Virginia can save you a substantial sum each month on car insurance. Purchasing bundled policies in Virginia leads to average annual savings of $57.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. 12-Month Auto Insurance Rate (Bundle)||Annual Bundle Savings||% Savings with Bundle|
Bundling home and auto policies is a great way to save. Start shopping today!
Looking for insights on homeowners insurance in a particular city? Check out our analysis of populous Virginia cities:
Yes - Esurance does provide homeowners insurance in Virginia.
Yes - GEICO provides homeowners insurance in Washington D.C.
Because hurricanes can cause such calamitous damage and completely ravage buildings altogether, insurers are reluctant to take on the full risk of hurricanes as a whole. If you live in Virginia, you could face an increased risk of hurricane damage. In fact, 26,960 single-family homes are at extreme risk of hurricane damage in Virginia.*
If you live near the coast, it's crucial to check and understand your homeowners insurance policy because a basic home policy may not cover hurricane damage — you would need separate flood and windstorm insurance policies, both of which would be applicable to pay for repairs or replacements. Depending on your location, your insurer may require a separate hurricane deductible if you live in a region that's at high risk for hurricanes. The average annual rate for homeowners insurance with a 2% hurricane deductible in Virginia is $883.
What makes hurricanes so dangerous is the sheer amount of different perils that they bring. While most of these perils are covered by a standard homeowners policy, hurricane insurance itself doesn't exist as a standalone product. However, you will likely encounter what’s known as a “hurricane” or “windstorm” deductible if you live in a hurricane-prone area. This differs from a standard deductible in that it is oftentimes much higher. Also, it only comes into play when certain conditions are present. There is one peril, however, that is never covered by standard home insurance policies: flooding. Coverage for flooding must be obtained through the National Flood Insurance Program.
Some of the more affordable options for Virginia hurricane coverage can be found below. Treat these rates as estimates and reach out to companies directly for rates specific to your property.
|Insurance Company||Average Yearly Hurricane Insurance Rate|
|Virginia Farm Bureau||$618|
*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)
Flood damage — no matter the circumstances under which it occurs —is not covered by standard home insurance. To ensure your home is covered, buy insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurance company.
Flood insurance coverage from private companies may vary, but if you buy through the NFIP you receive:
If the value of your property and home exceed these limits, consider purchasing a policy from a private company for additional protection. Flood insurance is key in Virginia, which suffered $4,361,841 in 2016 flood insurance claims, according to data from FEMA.